adr-hshare
Installation
SKILL.md
ADR / H-Share / A-Share Cross-Listing Analysis
Overview
Many Chinese companies are listed on multiple exchanges — A-shares in Shanghai/Shenzhen, H-shares in Hong Kong, and ADRs in the US. Pricing gaps between these listings create arbitrage opportunities and reveal market-specific sentiment differences. This skill provides frameworks for analyzing cross-listing premiums, identifying arbitrage signals, and assessing delisting risk for US-listed Chinese ADRs.
Core Concepts
1. Cross-Listing Structures
| Structure | Description | Examples |
|---|---|---|
| A + H dual-listed | Same company listed on both A-share and HK exchange | PetroChina (601857.SH / 0857.HK), ICBC (601398.SH / 1398.HK) |
| H + ADR dual-listed | HK-listed with US ADR | Alibaba (9988.HK / BABA), JD.com (9618.HK / JD) |
| A + H + ADR triple-listed | All three markets | China Life (601628.SH / 2628.HK / LFC) |
| HK primary + US secondary | Primary listing in HK, secondary ADR | Tencent (0700.HK / TCEHY OTC) |
| US primary → HK secondary | Originally US, added HK listing | Alibaba (BABA → 9988.HK), Baidu (BIDU → 9888.HK) |